Yes, we (Quicken Loans) have some great news for you. HARP, the government’s Home Affordable Refinance Program, has expanded to allow refinancing of homes with a loan-to-value ratio (LTV) of up to 200%, starting December 11, 2012. In normal English, that means we can refinance 200% of your home’s value.

For example, if you have a house that’s currently worth $100,000, but it’s underwater and you’re sitting with a $200,000 mortgage, we can help you lower your payment to today’s mortgage rates. I hope I don’t have to remind you that mortgage rates are at historic lows. Historic, as in “lowest they’ve ever been.”

I was talking to my sister the other day, and she told me she has a 5.5% 30-year fixed. “Sister, are you crazy? You could lower your payment by more than 1%, at least. Do you know how low mortgage rates are today? You could even go to a 15-year mortgage and barely raise your payment, while cutting off many years of your mortgage. You better get on the phone and call Quicken Loans.”

She did, and she’s happy. Just like you will be when you lower your mortgage payment or cut some serious time off of your mortgage when you refinance with HARP.

In order to take advantage of today’s rates with HARP, here’s what you need to do.

That’s it, friends. A simple, three-step process where you’re very happy when you make it to step 3.

In the meantime, here are some HARP FAQs, for those of y’all with questions:

What is the Home Affordable Refinance Program?
Simply put, HARP gives homeowners who owe more on their mortgage than their home is worth the opportunity to refinance and take advantage of today’s amazingly low mortgage rates.

I’ve tried to refinance in the past and haven’t been eligible. Why is this different?
Fannie Mae has recently announced changes to HARP and expanded the program to help homeowners who have not been able to qualify for refinancing in the past. Quicken Loans now offers HARP refinancing up to 200% of your home’s value. Owe $300,000 but your home is only worth $150,000? No problem, we can probably help.

The value of my home has decreased. Will I still qualify?
Yes, this program was put in place specifically to help homeowners who have a good mortgage payment history even though their home value has decreased.

What about hidden fees? Will I have to pay any of those?
We set realistic expectations up front so there are no hidden fees or surprises. This program is designed to let us refinance your loan at a significantly reduced cost. We want to help you save money as easily and as fast as possible.

Why should I refinance now?
There are so many reasons, but here are just a few:

This unique refinance opportunity is only available for a limited time.

Rates have hit rock-bottom, historic lows, and we don’t know how much longer they will stay this low. The lower your rate, the less your monthly payment is, period.

You’ll save money every month. Think about what an extra $200 a month could do for you. That’s nearly $2,500 a year!

You can refinance into a 30-, 25-, 20-, 15-, or even a 10-year fixed-rate mortgage.

A VA loan is an incredible benefit for veterans or active duty service members. Unfortunately, many people who are eligible to receive this benefit aren’t aware they qualify, and most of those who aren’t aware are found in the Reserve and National Guard.

To qualify for HARP, you have to have closed your loan on or before May 1, 2009. So if you already refinanced with HARP in the last three years, it’s unlikely. Feel free to contact us at (888) 200-9213 to confirm or I can forward your info to a mortgage banker if you’d like. Thanks for you question.

There are numerous rules and conditions associated with lender paid mortgage insurance and HARP. I recommend getting in touch with one of our HARP Experts who will explain everything clearly. Call us at (800) 251-9080. Or let me know at claytonclosson@quickenloans.com and I’ll have someone get in touch with you.

To be eligible for HARP, the mortgage must have closed prior to May 2009. Based on what you told us, your loan isn’t available for the HARP program. Thanks for asking and please let us know if you have anymore questions or would like to talk to a Home Loan Expert to help you take advantage of mortgage rates while they are still near historic lows.

Hi Solange, thanks for contacting Quicken Loans. One of our home loan experts will reach out to you shortly to answer your questions. Thank you.

JerryFebruary 28, 2013 at 1:50 pm

I have a 30-year fixed conventional mortgage at 7.5% with Bank of America with an outstanding balance of $xx,000. I had an FHA appraisal done in November 2012 that showed $xx,000. In January 2013 a second FHA appraisal was done and it reported $xx,000 but East West Mortgage rejected it.

Bank of America will not provide me any relief either.

I am able to buy down the loan substantially but cannot get a loan company to make an proposal..

Is there an FHA program for someone in my situation? I looked into the FHA Short Financing program which appears to be the only one applicable to conventional mortgages, but no loan company seems to offer this program.

Hi Jerry, thanks for contacting us. I have shared your inquiry with one of our home loan experts who will reach out to you soon to find out more about your situation. Thanks.

Ann BaileyMarch 12, 2013 at 11:34 am

Will HARP help with Equity loans? I have a very small first loan..under $50,000 with BOA at 5.5% fixed but have a high equity loan…can I combine both into one loan.

Keith GuyotMarch 12, 2013 at 1:36 pm

Hi Ann!

Thank you for your question. I’ve shared your inquiry with one of our home loan experts who will reach out to you!

DebraApril 8, 2013 at 9:48 pm

I tried several times in the past couple of years to take advantage of the government loan programs through my mtg company, Citi, to only get the run around. Late last year, they did contact me to modify however while it did reduce my monthly payment, it was not at current rates. I just heard of the new HARP program and am interested in the approximate cost to reduce my rate of interest.

jamieApril 10, 2013 at 1:49 pm

I have my mortage with BB&T. Is there anything you can do for me in regards to refi or must I work through them?

Keith GuyotApril 10, 2013 at 2:05 pm

Hi Jamie,

I’ve forwarded your question to one of our Home Loan Experts. They should be getting in touch shortly!

Thanks for reading!

Dee MooreApril 11, 2013 at 11:29 am

I have a Freddie Mac loan on my manufactured home. My interest rate is 6.35%. My current mortgage company won’t even discuss HARP. They only talk refi at very high costs. Granted my loan isn’t a huge amount of money, however I am a senior on fixed income. Can you help?

Len MarellaApril 12, 2013 at 6:30 pm

I head your advertisement on the radio claiming there are thousands of BOA mortgagees that may be eligible under HARP to refinance. But it is my understanding that to qualify for HARP either Fannie or Freddie had to buy the loan. Moreover, jumbos do not qualify.
So, I have a jumbo with BOA at 5.75%. Do I or do I not qualify under HARP or any other “government” program for refinancing. I have been told by an anonymous BOA source that since I paid my mortgage on time, I do not qualify for “government” refinancing.
It seems to me that since I meet all my obligations on time, I am being penalized.
I certainly appreciate any enlightenment you may provide.

JoeApril 16, 2013 at 1:10 pm

I am planning on contacting you on a HARP refi and wanted to run my own credit report first. I know there are several different credit agencies. Which one do you use so I can check with the same one?

Hi Joe, thanks for your question. Credit scores are typically pulled in from the three main credit bureaus, which is TransUnion, Equifax and Experian and your middle score is what helps you qualify. We highly recommend for you to visit http://www.quizzle.com where you can get a copy of your free credit report and score and that can give you a good baseline. Hope that helps!

LarryMay 8, 2013 at 7:56 pm

I too am upside down with my home loan with Bank of America. I currently owe xxxxxx with a home appraised at xxxxxx. I have heard about the Harp program, but understand that it is only available for Fanny and Freddie. Will this program be coming available in the near future for Bank of America loans

My question if Harp also works with people, due to illness had to file BK7, in 2011, can it still help me or is Harp not for me, due to the BK7, Home was not discharged but has stayed current throughout?